Seeking a quiet life
In 1981, Joan married Michael and the couple moved to Port Rowan, Ontario. There they sought a quieter life of creative freedom and the opportunity to fulfill their dream of working as environmental advocates. They also started a publishing company, The Pierswell Press. Michael took on the roles of editor and illustrator and published several of Joan’s literary and musical works.
When planning for their future, Michael and Joan’s love for education and their alma mater guided them in their decision to leave a gift to U of T in their will. Although their home had great sentimental value, they felt that leaving the proceeds of the home to St. Michael’s College would have the greatest impact.
A critical change to his will
A few years after Joan passed away, Michael made the decision to move to a care home. To ensure his financial security, he concluded that it would be best to sell his home.
“Michael recognized that by selling his home now, there would no longer be a gift for St. Michael’s College in his will—the wording in his will specifically instructed his executor to sell and then gift the proceeds of the house,” says Michelle Osborne, U of T’s executive director of gift planning. “Working with his lawyer, he was able to add a codicil to his will so the legacy he and Joan had dreamed of could still come to fruition.”
The codicil Michael added to his will revoked the paragraph that bequeathed the proceeds of his home to St. Michael’s College and added the College to be one of the beneficiaries of his overall estate. His estate would once again include a gift to St. Michael’s College for student bursaries and programming at the Faculty of Theology and the Faculty of Music – creating a scholarship in Joan’s name to support vocal students.
The importance of careful planning and foresight in estate planning
“Michael’s story highlights the importance of careful planning and foresight when including a gift of a specific asset in your will,” says Osborne. “If you are naming something specific like the proceeds of your home or a certain stock, it is important to think through all possible scenarios and to consider how circumstances often change over time. If you sell the asset due to downsizing or the share of the company is converted due to a merger, you might not own the named asset at the time of death, which would mean the plans for your legacy wouldn’t be fulfilled.”
Michael Maloney passed away in 2023, after a life of embracing change and following his passions. Just as he and Joan adapted to life’s many transitions, such as shifting careers and pursuing new dreams, Michael’s thoughtful revisions to his estate plans preserved and honoured the legacy that he and Joan had envisioned together.
